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Federal judge overturns Texas' bank annuity rules

Article Abstract:

US District Court Judge James R. Nowlin overturns a Texas insurance law which states that only insurance agents are licensed to sell annuities since they are categorized as insurance products. Nowlin emphasized that the state statute is pre-empted by federal banking law and that annuities are actually investment products, hence, making banks fully entitled to sell them. The ruling was in favor of the Texas Bankers Assn and Broadway National Bank of San Antonio against the insurance department and Commissioner Elton Bomer.

Publisher: A.M. Best Company, Inc.
Publication Name: Best's Review Life-Health Insurance Edition
Subject: Insurance
ISSN: 0275-0988
Year: 1997
Banking Institutions, Depository Credit Intermediation, Direct Life Insurance Carriers, DEPOSITORY INSTITUTIONS, Life insurance, Annuity Insurance, Banking industry, Cases, Laws, regulations and rules, Banks (Finance), Marketing, Annuities, Nowlin, James R.

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Mentors turn trainees into loyal superagents

Article Abstract:

Insurance agencies can increase their agent retention rates by establishing a mentor program. Such a program must provide benefits for both the trainee and the mentor. The mentor program increases loyalty by letting new agents gain confidence and technical knowledge. Additionally, insurance agencies that have mentor programs may find recruiting for new agents to be an easier task. Creative Financial Group is one agency that has succeeded in creating a mentor program.

Author: Froio, Vincent P.
Publisher: A.M. Best Company, Inc.
Publication Name: Best's Review Life-Health Insurance Edition
Subject: Insurance
ISSN: 0275-0988
Year: 1995
Human resource management, Recruiting, Insurance agents, Creative Financial Group

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Sea change ahead for Japan

Article Abstract:

Among the changes mandated by reforms in Japan's Insurance Business Law are allowances for property/casualty insurance companies to establish life insurance subsidiaries and vice-versa. Financial services companies are also required to manage for solvency and cash flow testing instead of solely for market share. The Japanese pension market was likewise affected by the reforms with assets under foreign management increasing at a 50% rate annually.

Author: Affleck, Allan D.
Publisher: A.M. Best Company, Inc.
Publication Name: Best's Review Life-Health Insurance Edition
Subject: Insurance
ISSN: 0275-0988
Year: 1997
Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Insurance Regulation, Evaluation, Economic aspects, Japan, Economic policy, Insurance, Insurance law, Japan. Ministry of Finance

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Subjects list: Insurance industry
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